The Australian Prudential Regulation Authority announced Friday it had awarded Vanguard Super Pty. Ltd. a registrable superannuation entity license, which will allow the Malvern, Pa.-based firm to manage retirement funds for Australians.
Vanguard said in an emailed statement, "there is more to be done before we publicly launch Vanguard Super, however we are on track to open our superannuation offer to the public by the end of the year."
The statement went on to say "we believe we have created a fund that will keep super simple, transparent, and effective for our future members," with details to be shared soon.
Vanguard announced in 2020 it would no longer offer customized solutions or segregated accounts to institutional investors in Australia, instead focusing on individual investors.